Friday, March 09, 2018

President Donald Trump speaks to outgoing White House chief economic adviser Gary Cohn during a cabinet meeting at the White House, Thursday, March 8, 2018, in Washington. (AP Photo/Evan Vucci)

The White House is reportedly considering candidates to replace Gary Cohn as the Economic Adviser to President Trump.

Cohn’s resignation from the job was announced Tuesday as the Trump administration decided to impose global tariffs on industrial metals, which is a move the adviser has long objected.

Among the candidates to replace Cohn in the West Wing are Goldman Sachs Executive Jim Donovan, chairman for the Council of Economic Advisers Kevin Hassett, and the administration’s current Trade Adviser Peter Navarro.

Navarro is a renowned follower of non-mainstream macroeconomic theories, and is known to have advocated in favor of the tariffs and against U.S. participation in both the Trans-Pacific Partnership as well as NAFTA.

While some see Navarro as the administration’s favorite for the vacant role, there’s still little clarity on the upcoming decision despite it being clear the White House is leaning increasingly toward protectionism in foreign trade and supply-side economics at home.

“It’s a deep bench here — I mean, with inside the perimeter, Kevin Hassett, at the Council of the Economic Advisers, just a superb economist, Mick Mulvaney of the OMB, I mean these guys see the deregulation revolution in this country we haven’t seen since the days of Reagan,” stated Navarro.

FILE – In this March 31, 2017, file photo, National Trade Council adviser Peter Navarro waits for President Donald Trump for an event in the Oval Office at the White House. Navarro signed on with the Trump campaign as a trade adviser. (AP Photo/Andrew Harnik, File)

Cohn’s departure from the administration was marked by a heated debate over the looming tariffs.

Cohn, joined by National Security Adviser H.R. McMaster, argued the tariffs could undermine relations between the U.S. and its key export-reliant allies, and hinder the positive effects of the ongoing fiscal reform to the domestic economy.

However, the administration pointed to the projected positive effects of the tariffs to domestic employment, inflation, and industrial output as part of President Trump’s ‘America first’ agenda.

Hassett has worked with the administration since last September, advising the president on tax policies and regulation of the financial sector.

Hassett is a renowned fiscal policy expert, whose expertise includes corporate taxation and the consistency of fiscal policy as well as tax policy effects to employment and wages.

Whilst some experts view customs tariffs as essentially a border tax, Hassett has solid chances to succeed Cohn in the West Wing.

Additionally, Conservative advocacy group FreedomWorks suggested Cohn be replaced with supply-side Economist Larry Kudlow, known for his recent contributions to CNBC.

FreedomWorks pointed out Kudlow worked with the Ronald Reagan administration, and has the necessary expertise to advise on lowering taxes, cutting regulation, and minimizing government interference with the free-market economy.

President Trump said earlier this week the decision on Cohn’s successor would be announced soon, while Cohn himself is expected to return to the administration for a higher role as a part of President Trump’s cabinet.